Section 59
Declaration of undisclosed foreign asset. Repealed
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
About this Act
An Act to make provisions to deal with the problem of the Black money that is undisclosed foreign income and assets, the procedure for dealing with such income and assets and to provide for imposition of tax on any undisclosed foreign income and asset held outside India and for matters connected therewith or incidental thereto.
Subject to the provisions of this Chapter, any person
may make, on or after the date of commencement of this Act but on or before a date to be notified by the
Central Government in the Official Gazette, a declaration in respect of any undisclosed asset located
outside India and acquired from income chargeable to tax under the Income-tax Act for any assessment
year prior to the assessment year beginning on 1st day of April, 2016—
(a) for which he has failed to furnish a return under section 139 of the Income-tax Act;
(b) which he has failed to disclose in a return of income furnished by him under the Income-tax Act before the date of commencement of this Act;
(c) which has escaped assessment by reason of the omission or failure on the part of such person to make a return under the Income-tax Act or to disclose fully and truly all material facts necessary for the assessment or otherwise.
(a) for which he has failed to furnish a return under section 139 of the Income-tax Act;
(b) which he has failed to disclose in a return of income furnished by him under the Income-tax Act before the date of commencement of this Act;
(c) which has escaped assessment by reason of the omission or failure on the part of such person to make a return under the Income-tax Act or to disclose fully and truly all material facts necessary for the assessment or otherwise.